Pending Home Sales Ease After Big Gains

The National Association of REALTORS® reported today that pending home sales fell after a surge of activity in preceding months due to the first time home buyer tax credit but the level remain comfortably above a year ago. According to NAR, the Pending Sales Index (based on contracts signed in November) fell 16.0 percent to 96.0 from the 114.3 level in October but is 15.5 percent higher than November 2008 when it was 83.1.

The Midwest index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008.

“The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own,” Yun says.

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